Leased Duplex Near
For Sale
$422,000
Pending
3043 N Bartlett Ave, Milwaukee, WI 53211
Two leased units with separate utility responsibility, finished lower-level space, parking, laundry, and a fenced yard.
Property Size2,500 SF
Days on Market34
Property Features for 3043 N Bartlett Ave
General Information
Standard status
Pending
Size
2,500 SF
Total Parking Spaces
2
Property subtype
Residential Income
Occupancy
100%
Financials
Gross Income
$35,280
Average Monthly Rent
$1,420
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,735
Amenities
fenced yard
on-site laundry
Building Details
Tenancy
Multi
Listing Agency:
Green Door Realty & Property Management
(515) 447-6481
Listed By:
Drew Hall
(515) 447-6481
Source:
Exprealty
Added: Jul 29
Changed: Aug 20
Last Checked: Aug 30 at 9:28PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Green Door Realty & Property Management
Investment Insights
Based on property information with market context.
This 2,500-square-foot duplex includes two leased two-bedroom, one-bath units, with residents responsible for their own utilities. The main-floor and upper-level apartments provide established occupancy, while the finished lower level adds a bedroom with an egress window, full bathroom, separate thermostat, and den. This space is part of the property rather than a separate apartment and is expected to be vacant at closing.
Original woodwork, hardwood floors, and abundant natural light contribute to the building’s interior character. Additional features include on-site laundry, a fenced yard, two parking spaces, and a furnace replaced in 2023. The property is located two blocks from UWM, with access to the Oak Leaf Trail and nearby shops and restaurants along Downer and Oakland Avenue.
Original woodwork, hardwood floors, and abundant natural light contribute to the building’s interior character. Additional features include on-site laundry, a fenced yard, two parking spaces, and a furnace replaced in 2023. The property is located two blocks from UWM, with access to the Oak Leaf Trail and nearby shops and restaurants along Downer and Oakland Avenue.
Key Highlights
- 2,500‑square‑foot duplex with two 2‑bedroom, 1‑bath leased units
- Two blocks from UWM
- Finished lower level with bedroom, egress window, full bathroom, separate thermostat, and den
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,148
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.96%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$502,960
$503.0K
Cap Rate 7%
$359,257
$359.3K
Cap Rate 9%
$279,422
$279.4K
Market Conditions
NOI Build-Up for 2,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$37.5K $15.00/SF
− Vacancy
−$1.6K −$0.63/SF
EGI
$35.9K $14.37/SF
− OpEx
−$10.8K −$4.31/SF
NOI
$25.1K $10.06/SF
Area
Milwaukee, WI
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$502,960
Cap Rate 7%
$359,257
Cap Rate 9%
$279,422
Alternative Uses
Best Use
Multifamily LT 5
$359.3K
$314.4K – $419.1K
NOI $25,148 @ 7.0% cap · market cap 5.96%
Second Best
Apartment 5plus
$332.6K
$291.1K – $388.1K
NOI $23,285 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$600.8K
$525.7K – $700.9K
NOI $42,054 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
924
Businesses Nearby
Explore this area
Business Placement
Demographics for 53211, WI
36,327
Population
16,346
Households
2.2
Avg Household Size
29
Median Age
74%
College-Educated
98%
High-School Grad
4.0 sq mi
ZIP Area
9,082
Density / Sq Mi
$76,206
Median Household Income
$40,214
Median Earnings
$1,225
Median Rent
$413,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two leased units with separate utility responsibility, finished lower-level space, parking, laundry, and a fenced yard.
Where is this duplex located?
The property is located at 3043 N Bartlett Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $422,000.
What are key features of this property?
This property features: 2,500‑square‑foot duplex with two 2‑bedroom, 1‑bath leased units; Two blocks from UWM; Finished lower level with bedroom, egress window, full bathroom, separate thermostat, and den
